AS the deadline for filing income tax returns on July 31 is approaching, it's essential for individual taxpayers to submit their ITR in advance to avoid last-minute rush. Filing your Income Tax Return (ITR) is essential for several reasons. It ensures compliance with the law, helping you avoid penalties for late submission.
By filing on time, you can claim any eligible tax refunds while also providing important financial documentation for loans or other transactions. Additionally, regular filing builds a strong financial history, which can be beneficial in the long term.
It is to be noted that under the new tax regime, individuals with a net taxable income of up to ₹7 lakh are eligible for a tax rebate under section 87A. For those opting to pay taxes under the old regime, the rebate limit remains at ₹5 lakh.
Importance of filing ITR
In case an individual has no taxable income or when her total income is below the taxable threshold set by the government, even then she should file a Nil Return. It is important to file such a return to fulfil the legal requirement of submitting an ITR and to maintain a record with the tax authorities, even if no tax is payable. Filing a Nil Return ensures compliance with tax regulations and helps in documenting your financial status for that particular financial year.
Denne historien er fra July 01, 2024-utgaven av The New Indian Express.
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Denne historien er fra July 01, 2024-utgaven av The New Indian Express.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Peter Dinklage joins Roofman
THE cast of the upcoming film Roofman is getting bigger with the addition of Game of Thrones star Peter Dinklage.
Tom Holland to star in Christopher Nolan's next?
PREVIOUSLY, we reported that Christopher Nolan has set his next film at Universal Studios, with Matt Damon cast in a prominent role.
Beyond the Boundary
LIFE doesn't always give you second chances, but when you get one, you ought to make the best Tamil appearance, Swaswika has now made a smashing comeback with the sports drama Lubber Pandhu, in which her performance has garnered unanimous appreciation.
Sharon Stone and Lily Gladstone join cast of In Memoriam
EARLIER, we reported that actor-stand up comedian Marc Maron is starring in a film titled In Memoriam, an independent comedy from writer-director Rob Burnett. The latest development about the project is that Sharon Stone and Lily Gladstone are all set to join the cast.
Culinary heritage preserved in GI tags
TAMIL Nadu is known for its rich cultural heritage, which is reflected in its food history too. The state is a foodie's dream destination with each region giving a unique gastronomic experience. This vibrant food scene includes festival delicacies, temple prasadams, street food, and snacks made from the finest local and seasonal ingredients making each dish a culinary masterpiece.
Sips of success
FROM the vibrant petals of floral arrangements to the rich aroma of spiced chai, Navanethan Ponniah's entrepreneurial journey is an example of adaptability and innovation. His transition from the floral business to creating chai-making machines showcases creativity. What began with crafting beautiful bouquets for South Asian weddings evolved into a quest to bring the comforting taste of chai to the Canadian market.
M-powering
Transitioning from a drab healthy alternative to a trending everyday superfood, millets have emerged as a popular choice of grain
Impressions of Chettinad mores
EVERY corner of The Folly, Amethyst was loaded with aesthetics on Monday as we entered the venue lured by the aroma of filter coffee served in a davara set five-foot wooden cupboards with glass doors, brass utensils, lantern-shaped chandeliers, wooden cradles, and rows of fashionable attires inspired by the heritage of Chettinad. The outfits are part of 'Payanam', the latest collection by Anavila, a luxury womenswear brand.
THE BALANCE IS BROKEN!
In 'saving' Blue Water, and neglecting Green Water, humankind has put a dent in the laws of nature, as the water cycle, for the first time in recorded history, has gone off balance
Budgam village loses the healer in terror attack
WE have lost the healer and an honest man,\" said Abdul Gaffar, an elderly resident of Nadigam village of central Kashmir's Budgam district. Dr Shahnawaz was among seven persons killed on Sunday in the terror attack on a workers' camp at an under-construction site belonging to APCO Infratech company at Gagangir in central Kashmir's Ganderbal.
